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DID YOU KNOW?

Most Buy Here/Pay Here, Pay Day Lenders, Used Vehicle, and Title Loan Companies don’t report to a credit bureau. Their clients don't build credit.

 

 
 
Credit Builder Loans
CDFIs and community lenders around the country are introducing credit builder loans aimed at strengthening their client’s credit histories and scores.

What is a credit builder loan?


Credit builder loans are generally small dollar loans that serve as:
  • a step loan to build a credit relationship with the community lender
  • a reportable line of credit to a credit bureau
  • a loan that replaces asset-stripping debt (i.e. payday loans) with asset building credit
 

Featured Innovation - Credit Builder Loan

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MACED offers an alternative to payday lending in Appalachia!
Mountain Association for Community Economic Development's Common Cents Financial Initiative partners with area employers and a local credit union to provide an alternative to payday advance loans.                                                                                                                                                               

Credit Builder Loans - Micro

fourba1.jpgFour Bands offers $2,500 step-up loans to build credit.     
NYANA's offers $500 loans to New Americans to help build credit.  

CB Loans - Credit Unions

When North Carolina banned predatory payday loans, the State Employees Credit Union (SECU) stepped up. At just 12% interest and a savings requirement, SECU’s Payday Advance Loan builds assets not debt.
    

Credit Builder Loans - Salary Advance

Nonprofits offer an alternative to payday lending!

Making Connections Louisville offers a $3,000 anti-payday loan to pay back payday lenders and help neighborhood residents build credit and savings.

MACED's Common Cents Financial Initiative partners with area employers and a local credit union to provide an alternative to payday advance loans.


NCSECU's salary advance loan up to $500 helps employees and employers.

Credit Builder Loans - Housing

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Justine Petersen Housing in St. Louis, MO offers $150 Credit Builder Loan to help clients add an active line of good credit.      

BSAFE, a project of the Montana Legal Services Assocation, partners with TriCo credit union to offer credit builder loans secured with IDA savings.                                                                                                                                                             
 
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